Welcome to our dedicated page for iRobot Corporation news (Ticker: IRBT), a resource for investors and traders seeking the latest updates and insights on iRobot Corporation stock.
iRobot Corporation (NASDAQ: IRBT), founded in 1990 by roboticists from the Massachusetts Institute of Technology, is a leading provider of consumer robots. The company is renowned for its innovative home robots that transform the way people clean. iRobot’s flagship product, the Roomba® robot vacuum, has sold over 50 million units globally and is celebrated for its advanced cleaning, mapping, and navigation capabilities.
iRobot's product portfolio extends beyond the Roomba, including the iRobot Braava® family of mopping robots and the Roomba Combo® series that combines vacuuming and mopping functions. The company’s solutions leverage state-of-the-art technologies to create thoughtful and intelligent home innovations aimed at making life easier for consumers.
Recently, iRobot has been undergoing significant structural and leadership changes. In early 2024, the company announced a major operational restructuring plan to align its cost structure with market conditions, focusing on profitability and strategic growth. This restructuring includes a workforce reduction of 31%, cost-saving measures, and a renewed emphasis on iRobot's most profitable segments.
Concurrently, iRobot has experienced a leadership transition. Colin Angle, the long-standing Chairman and CEO, has stepped down. Glen Weinstein, the Executive Vice President and Chief Legal Officer, was appointed as the interim CEO, and Andrew Miller became the Chairman of the Board. In May 2024, Gary Cohen, an executive with a robust background in corporate turnarounds, was named the new CEO.
Financially, iRobot reported a challenging 2023 with a 25% revenue decline year-over-year, primarily due to supply chain issues and global conflicts. However, the company remains optimistic, expecting a more stable financial outlook in 2024. Innovations like the new Roomba Combo Essential, an affordable robot vacuum and mop, aim to boost sales and brand loyalty.
iRobot's commitment to innovation continues as it focuses on enhancing product performance and expanding its market presence. The company’s strategic initiatives and new leadership are expected to pave the way for sustainable value creation and profitability.
iRobot Corp. (NASDAQ: IRBT) reported its fourth quarter and full-year financial results for 2022, showing a significant revenue decline. Q4 revenue was $357.9 million, down from $455.4 million in Q4 2021, while full-year revenue decreased 24% to $1.183 billion. The company faced reduced orders in North America and EMEA, with EMEA revenue down 43% for the year. Despite these challenges, direct-to-consumer sales rose 7% in Q4 and 3% for the year. Operating losses widened, with a Q4 GAAP loss of $84.8 million and a full-year GAAP loss of $240.4 million. iRobot is implementing cost-saving measures, including a 7% workforce reduction, aiming for $14 million in annual savings.
iRobot Corp. (NASDAQ: IRBT) reported a third-quarter 2022 revenue of $278.2 million, down 37% year-over-year, attributed to decreased orders amid inventory adjustments by retailers. Revenue from the first nine months of 2022 totaled $825.5 million, compared to $1,109.5 million in 2021. The company faced a GAAP operating loss of $68.4 million versus a profit of $40.5 million in Q3 2021. Inventory levels increased to $419 million, indicating potential sales challenges ahead. Despite these challenges, iRobot's Roomba Combo™ j7+ was well-received and it anticipates restructuring savings of $30 million in 2023.
iRobot Corp. (NASDAQ: IRBT) announced on October 11, 2022, that Administrative Law Judge Maryann McNamara ruled in its favor in a patent infringement case against SharkNinja at the ITC. The ruling suggests a limited exclusion order to bar imports of infringing SharkNinja robotic cleaning products. The final determination by ITC Commissioners is expected by February 2023. CEO Colin Angle highlighted the ruling as validation of iRobot's patent strength. This is iRobot's second exclusion order against SharkNinja, with a related district court case still pending.
iRobot Corp has launched the Roomba Combo™ j7+, the first truly hands-free 2-in-1 vacuum and mop, designed to prevent wet carpet messes. This innovative robot utilizes a fully retractable mop pad, allowing simultaneous vacuuming and mopping in one go. Powered by iRobot OS 5.0, the device enhances cleaning capabilities with advanced object recognition and voice command features. Priced at $1,099, the Roomba Combo j7+ is available for pre-sale in North America from September 27, with shipments beginning on October 4.
iRobot Corp. (NASDAQ: IRBT) reported a revenue decline to $255.4 million in Q2 2022, down from $365.6 million in Q2 2021, primarily due to unexpected order reductions and cancellations from retailers. The company posted a GAAP operating loss of $63.9 million and a GAAP net loss per share of $1.60. In a separate announcement, iRobot confirmed its acquisition by Amazon.com, Inc. (NASDAQ: AMZN) for $61.00 per share, valuing the deal at approximately $1.7 billion. iRobot plans restructuring actions expected to yield $5 million to $10 million in savings for 2022.
Amazon (NASDAQ:AMZN) has announced a definitive merger agreement to acquire iRobot (NASDAQ:IRBT) for $61 per share, totaling approximately $1.7 billion, including net debt. The acquisition is pending shareholder and regulatory approval, with iRobot's CEO Colin Angle remaining post-acquisition. This merger aims to enhance Amazon's product offerings in smart home innovations, capitalizing on iRobot's expertise in robotic cleaning solutions that have gained customer loyalty since the launch of Roomba in 2002.
Amazon announced a definitive merger agreement to acquire iRobot for $61 per share, valuing the deal at approximately $1.7 billion. iRobot, known for its innovative cleaning products like the Roomba, aims to enhance customer experiences through this partnership. Both companies emphasize their shared commitment to innovation and customer satisfaction. The transaction awaits approval from iRobot's shareholders and regulatory clearance. Colin Angle will continue as CEO post-acquisition.
iRobot Corp. (NASDAQ: IRBT) will release its second-quarter 2022 financial results after market close on August 9, 2022. A live webcast and conference call is scheduled for August 10 at 8:30 a.m. ET to discuss the results and company outlook. Interested investors can join via the company’s IR website. Following the call, an archived version will be available for replay. iRobot is a leader in consumer robotics, known for its Roomba vacuum and various smart home innovations.
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